Double Protocol, a decentralized NFT rental platform, has added Redlight Chain to its growing list of partners. The partnership is seen as an important collaboration that will bring significant benefits to both companies. Double Protocol is a leading platform that allows users to rent and lend NFTs, making it possible for everyone to enjoy the experience and utility of an NFT, regardless of its nature.
Its platform has been growing rapidly over the past year, with over 100 gaming and ecosystem partners today. Double Protocol has invented the ERC-4907 standard, which is essentially a rental upgrade to ERC-721, and the ERC-5006 standard, an upgrade to ERC-1155. These standards are game-changers that unlock unlimited potential for Redlight Network.
Double Protocol’s Ever-Expanding Network
Double Protocol has been actively working with various projects, promoting them to its user base, and connecting them with a wider audience. This creates a massive interconnected network effect for any project that partners with them. Double Protocol is increasing liquidity and value for NFT projects by allowing users to rent and lend NFTs. This new mechanism for passive income generation has led to NFT holders being more incentivized than ever to promote the projects they are involved in, creating a win-win scenario for everyone.
Double Protocol’s Innovative Infrastructure
Double Protocol has invented the ERC-4907 standard, which is a rental upgrade to ERC-721, and the ERC-5006 standard, an upgrade to ERC-1155. ERC-4907 separates user rights from ownership rights to allow decentralized rentals. The ERC-4907 tokens are fully backwards compatible, which means that everything you can do with your ERC-721 token, you can also do with your 4907 token. ERC-1155 offers enhanced security features by allowing the contract to control and manage the transfer. These standards are game-changers that unlock unlimited potential for Redlight Network.
Double Protocol’s World-Leading NFT Rental Marketplace
Double Protocol’s marketplace enables users to rent NFTs, just like renting a luxury car or home without owning the item. The innovative platform makes it possible to enjoy the experience and utility of an NFT, regardless of its nature. Digital art, virtual land, collectibles, in-game assets, and more…the possibilities are truly endless. By providing an avenue to rent simple and cost-effective NFTs, Double Protocol is shattering the barriers of entry to the world of Web3, extending the liquidity, functionality, and overall power of NFTs.
The Future of NFT Renting
Double Protocol’s partnership with Redlight Chain is expected to bring significant benefits to both companies. Double Protocol will be aiding Redlight in forging connections on a business development level, and this highly productive partnership will lead to rapid acceleration on multiple fronts. Redlight Chain’s gasless blockchain revolution closely matches Double Protocol’s vision to break down the barriers to entry to NFT-based gaming. By leveraging their unique innovations, these companies are propelling Web3 forward, and the prospects are highly promising. The rental of NFTs is a game-changer for the NFT community, making it possible for everyone to enjoy the experience and utility of an NFT, regardless of its nature. The future of NFT renting is here, and it’s looking bright.